Airdrie, Cochrane, Okotoks Housing Market Statistics: December 2018

Airdrie, Cochrane, Okotoks: Real Estate Market Update, December 2018

Like Calgary, the three municipalities mentioned above and their respective housing markets are all feeling the effects of the tough economic climate in the province of Alberta.

Similar to previous months, Airdrie, Cochrane and Okotoks all are home to real estate markets well into buyers’ territory and are undergoing similar changes seen in the Calgary residential market.

Without further adieu, here’s the latest real estate market statistics for Airdrie, Cochrane and Okotoks sourced from the Calgary Real Estate Board (CREB®):

december 2018 year over year sales inventory gains airdrie cochrane okotoks housing market

Airdrie Housing Market – December 2018

  • $369,042 average detached benchmark price, 2 percent lower year-over-year
  • Throughout 2018, Airdrie housing market saw massive oversupply and signs of a buyer’s market
  • Inventory levels and months of supply were significantly higher than in 2017. There was also not as much sales activity, leading to downward pressure on benchmark prices
  • Total sales dropped by 14 percent year-over-year when compared to 2017; this is also about 19 percent lower than the 5-year average for sales activity in Airdrie
  • Drop in sales activity was seen across all housing sectors
  • Supply throughout 2018 stayed at record-high levels. Inventories also continually went up throughout the year, remaining 12 percent higher year-over-year by the end of 2018

Cochrane Housing Market – December 2018

  • 599 total sales in Cochrane throughout 2018, a drop of 64 compared to the previous year
  • This sales activity remains comparable to that over the past 3 years for the municipality
  • 1,288 new listings throughout 2018, the highest ever recorded and resulting in a near 7 months of supply
  • Detached benchmark prices remain comparable to those of last year

Okotoks Housing Market – December 2018

  • 463 total units sold, a drop versus 2017 and comparable to activity seen in 2010
  • Increases in new listings combined with lower sales activity resulted in higher inventories and supply in Okotoks throughout 2018
  • $434,875 average detached benchmark price, 1 percent higher when compared to 2017
  • Detached home prices saw modest benchmark gains despite increased supply and weak sales

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